First Ontario Mortgage Rates & Reviews

This Page's Content Was Last Updated: July 18, 2022
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FirstOntario Credit Union Background

First Ontario

FirstOntario was founded in 1939 as the Stelco Employee Credit Union, to provide a financial institution for Stelco steel workers. After opening operations to the public in 1987 and merging with multiple other credit unions, FirstOntario was created. Currently FirstOntario is headquartered in Hamilton, Ontario, and has operations throughout the lower Golden Horseshoe Region. FirstOntario offers a variety of products and services, such as mortgage lending, bank accounts, credit cards, lines of credit, business financing, and wealth management solutions to their members. Currently FirstOntario has over 126,000 members and over $4.9 billion in assets, with over 30 locations.

Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
Mortgage Term:

First Ontario Fixed Mortgage Rates

A fixed rate mortgage from FirstOntario will give you the security of having the same FirstOntario mortgage rate throughout your term. This can give you comfort that even if mortgage rates are to rise, you won’t have to worry about that until your term is up. This makes fixed rate mortgages especially popular with first time home buyers, who value the security when entering their first mortgage, and without the equity built up from another property. The most popular terms for fixed rate mortgages are the 5-year fixed mortgage, and the 3 year fixed mortgage.

TermFirst Ontario RateCanada's Lowest Rate
1-Year Fixed
2-Year Fixed
3-Year Fixed
4-Year Fixed
5-Year Fixed
7-Year Fixed
10-Year Fixed
0.5-Year Fixed

The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time. false

Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
Mortgage Term:

First Ontario Variable Mortgage Rates

A variable rate mortgage will have a FirstOntario mortgage rate that fluctuates alongside the prime rate. This means that if the prime rate rises, so will your mortgage rate, while if the prime rate falls, your mortgage rate will as well. This makes a variable rate mortgage attractive for homebuyers who believe that mortgage rates will be lower during their term, and allows you to capitalize on this. No matter what happens with your FirstOntario mortgage rate, your monthly mortgage will still remain the same. The only difference in payments will be in how much goes to interest payments and to your principal balance.

TermFirst Ontario RateCanada's Lowest Rate
5-Year Variable

The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time. false

FirstOntario History

first ontario history

FirstOntario Mortgage Break Penalty

If you are to break your mortgage before your term is up, you will most likely incur a mortgage break penalty. Common reasons to break your mortgage are to refinance your mortgage at a better rate, pay off your mortgage because you have the funds to, and to sell your home and either rent a place, or buy another one. At FirstOntario, you will incur a mortgage break penalty for breaking a closed mortgage agreement before the term is ended, and depending on your mortgage type, will have 2 potential penalties:

Variable Rate MortgageFixed Rate Mortgage
3 Months’ InterestGreater of 3 Months’ Interest or the IRD amount

Helping you to avoid a mortgage break penalty is a 20% prepayment allowance on your original mortgage balance. This means you are able to prepay up to 20% of your original mortgage amount every year, helping you to reduce your mortgage without incurring penalties. If you plan on paying your mortgage back sooner, getting an open mortgage can prevent you from owing any prepayment penalties.

FirstOntario Mortgage Prepayment Calculator

Are you looking to pay off your mortgage early? Or refinance the terms of your mortgage at a lower interest rate? Maybe you sold your home. Whatever the case, you most likely will have to pay a mortgage break penalty set by your lender. Whatever the situation, our calculator will help you determine the cost to break your mortgage so you can be confident about your mortgage decisions.


What is the remaining balance on your mortgage?

What is the term-length and type of your current mortgage?

Variable Rate
Fixed Rate

What is your current mortgage interest rate?


If applicable, what was the rate discount you received when you signed your current mortgage agreement?

The day you signed your mortgage, your lender may have provided you with a discount. You may be paying 3.25% but the posted rate on that day was 3.75%, a discount of 0.5%. If you are unaware of any discount, you can skip this step.

When did your current mortgage start?

Who is your current mortgage lender?

What is First Ontario's current interest rate for a 3-year fixed rate mortgage?

We have populated this field for you with our most up to date data. For information on why we need this field see Interest Rate Differential
Your estimated mortgage break penalty is...

How is my mortgage penalty calculated?

Remaining Mortgage Balance
Current Mortgage Interest Rate
3-Months Interest
Total Penalty

FirstOntario offers multiple features that can not only help you pay off your mortgage sooner, but can provide you with added peace of mind.

FirstOntario Skip-A-Payment

With this mortgage feature, you are able to skip a mortgage payment once per year. This can be very helpful if you have an unexpected expense, have just lost your job, or are overwhelmed with a family emergency. Although you will not need to pay your mortgage interest and principal for the period, you will still need to pay your mortgage protection insurance coverage if you have it, and property taxes, if you are scheduled to pay through FirstOntario. It is usually not a good idea to use skip-a-payment if you do not need to, considering that your interest from the month will be added to your mortgage balance, and overtime you will pay more in interest because of it.

FirstOntario Payment Frequencies

With the option to pay your FirstOntario mortgage weekly, bi-weekly, or monthly, as well as to make accelerated payments, you are able to match your payments with your pay days. This also gives you the opportunity to help pay down your mortgage sooner through accelerated and more frequent payments, which result in less interest accruing as you pay down your mortgage balance more often. FirstOntario also allows you to change your payment frequency during your mortgage, meaning if you land another job with different pay days, you are still able to match it with your mortgage payments.

FirstOntario Mortgage Protection Insurance

To protect your family from potentially having to move out of your home if something happens to you, mortgage protection insurance is offered as an add-on to your FirstOntario mortgage. Coverage will be paid along with your monthly mortgage payments, however any payouts will only go towards your mortgage, not giving your family the flexibility to choose what to do with the money if something happens. Getting this coverage can be a good way to get covered if you are not eligible for term or whole life insurance coverage, or want to get additional coverage.

Encompass Home Warranty Program

This is an add-on coverage that will cover the repair expenses involved with your furnace, water heater, electrical system, plumbing, and air conditioner. This may be a good way to give yourself peace of mind or to protect an older home from something happening, with your repairs being covered. You are able to get up to $10,000 in coverage for home repairs, and all you will need to pay will be the $50 consultation fee. FirstOntario offers this service through Aviva Insurance Canada, and the first 12 months are given to you for free, complimentary from FirstOntario. After the first 12 months, the program fee will be $17.95 per month, plus tax.

FirstOntario Locations

First Ontario operates throughout the lower Golden Horseshoe Region, with locations in cities such as Hamilton, Burlington, Oakville, St.Catherines, and Niagara Falls. Besides visiting a FirstOntario branch in-person to speak with a mortgage representative, you also will have the ability to do this by phone, at 1-800-616-8878. Through the FirstOntario website, you can fill out a request for a mortgage, and you can also fill out a form to get in contact with a representative.

City or TownMain LocationNumber of Branches
HamiltonDowntown Hamilton:1 James Street South6
St.CatherinesRidley Heights: 275 Fourth Avenue4
OakvilleKerr Village: 338 Kerr Street3
BurlingtonGlenwood Park: 895 Brant Street2
Niagara FallsNiagara Falls South:7885 McLeod Road2
Stoney Creek95 Highway 82
Ancaster240 Wilson Street1
BrantfordTerrace Hill: 84 Charing Cross Street1
Cayuga39 Talbot Street East1
DundasCentral Dundas: 48 King Street West1
Woodstock943 Dundas Street1
Ingersoll108 Thames Street South1
Tillsonburg157 Broadway Street1
Simcoe107 Queensway East1
Welland840 Niagara Street1
Thorold35 Albert Street West1
This calculator is provided for general information purposes only. WOWA does not guarantee the accuracy of the information shown and is not responsible for any consequence that arise from the use of the calculator and its results. Any financing products shown are subject to terms and conditions and may not be available in certain regions.